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In the ever-evolving landscape of financial crime compliance, staying ahead of potential risks is paramount. WorkFusion’s latest innovation, Evelyn LT, is here to revolutionize how organizations handle adverse media monitoring, a critical component of anti-money laundering (AML) due diligence.
What is Evelyn LT?
Evelyn LT is a trial-sized version of WorkFusion’s award-winning AI Digital Worker, Evelyn, designed to automate the time-consuming and error-prone tasks associated with adverse media monitoring. This pre-built, GenAI-powered solution is tailored for organizations of all sizes, offering an efficient and cost-effective way to manage Know Your Customer (KYC) processes.
WorkFusion’s CEO, Adam Famularo said, “Historically, adverse media screening tools deliver so many alerts that compliance teams are routinely overwhelmed and lack the resources to adequately evaluate and adjudicate each alert. What’s more, the vast majority of those alerts are false positives. While our traditional AI Digital Worker Evelyn is fantastic for organizations that need a long-term, enterprise-scale adverse media monitoring automation solution, Evelyn LT delivers quick and immediate results on a monthly or try before you buy basis. For organizations with lower volumes or those hesitant to commit to an enterprise agreement, Evelyn LT can be used to augment L1 staff, as needed. If Evelyn is akin to hiring full-time analysts, Evelyn LT is like hiring a temporary or part-time worker.”
Key Features and Benefits
- Automated Adverse Media Monitoring: Evelyn LT leverages advanced AI to automatically review and disposition customer screening alerts for adverse media. This significantly reduces the chances of doing business with risky clients.
- Efficiency and Speed: While a human analyst might take 10-20 minutes to manually review an adverse media alert, Evelyn LT can accomplish this in about two minutes. This results in an 80%+ reduction in the time needed for manual reviews.
- Cost-Effective Solutions: Evelyn LT is available in three pricing tiers, making it accessible for organizations with varying needs and budgets. The Starter plan begins at just $150 per month for up to 100 transactions.
- Ease of Use: Accessible via PC or mobile device, Evelyn LT provides chat-based, anytime access to its capabilities. This flexibility ensures that compliance teams can work efficiently from anywhere.
- Reduced False Positives: By focusing on Google as the news provider, Evelyn LT highlights high-risk articles for analyst review and provides detailed justifications for false positives, streamlining the decision-making process.
Why Choose Evelyn LT?
For organizations hesitant to commit to an enterprise-scale solution, Evelyn LT offers a “try before you buy” approach. It can be used to augment Level 1 staff as needed, providing quick and immediate results without the long-term commitment.
Evelyn LT is not just a tool; it’s a strategic partner in your compliance journey. By automating the tedious aspects of adverse media monitoring, it allows your team to focus on more critical tasks, ultimately enhancing your organization’s overall efficiency and effectiveness.